Claremore Daily Progress

Top Stories

April 10, 2013

Claremore School Board sets date for bonds sale

CLAREMORE — The Claremore Board of Education set a date for the sale of district building bonds, issued in 2007 for the construction of Catalayah Elementary, the new CHS gymnasium, Lantow Field and other renovations.

Representatives of the firm of Stephen L. Smith, Corp. (bond advisors) recommended  the district sale for existing bonds in May, said Claremore Superintendent Mike McClaren.
The proposed date for the sale of bonds is May 17. Money will be used to pay for the schools’ new facilities.
The $42,645,000 in bonds have been issued in separate series throughout a five-year period with the next amount series of $4,500,000 to be sold in May.
Bids are taken from interested buyers, usually large institutional investors and are sold at the lowest interest rate offered. 
McClaren said the district keeps tax levy from the sale of bonds, however, Claremore schools cannot use the money for extra expenses or teachers’ salaries.  Part of the amount from sale will go into the district’s sinking fund, which is similar to an escrow account.
The $4.5 million will become due $1,125,000 in two years from their date and $1,125,000 each year after until paid, usually over the course of a 5-10 year period, he said.

1
Text Only
Top Stories
Poll

Do you prefer the warm summer weather of 2013 or the mild rainy weather we are currently experiencing?

Hot/Dry Summer
Mild/Wet Summer
I prefer any season but Summer.
I don't have an opinion.
     View Results
Featured Ads
AP Video
Renewed Violence Taking Toll on Gaza Residents 2 Americans Detained in North Korea Seek Help US Employers Add 209K Jobs, Rate 6.2 Pct House GOP Optimistic About New Border Bill Gaza Truce Unravels; Israel, Hamas Trade Blame Raw: Tunisia Closes Borders With Libya Four Rescued From Crashed Plane Couple Channel Grief Into Soldiers' Retreat WWI Aviation Still Alive at Aerodrome in NY Raw: Rescuers at Taiwan Explosion Scene Raw: Woman Who Faced Death Over Faith in N.H. Clinton Before 9-11: Could Have Killed Bin Laden Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction